13 unchanged sentences
These swaps eliminate the foreign currency risk associated with the hedged portion of our Euro-denominated borrowings.
−Removed: dollar were to weaken or strengthen against the Euro by 5%, the result would have a favorable or unfavorable effect on the cross-currency swap agreements’ fair value of $22.0 million, respectively.
+Added: dollar were to weaken or strengthen against the Euro by 5%, the result would have a favorable or unfavorable effect on the cross-currency swap agreements’ fair value of $18.5 million and $19.9 million, respectively.
Interest Rates
1 unchanged sentence
We have, from time to time, utilized derivative financial instruments, including interest rate swap contracts and interest rate cap contracts with financial counterparties to manage our interest rate risk.
−Removed: Our interest rate swap contracts matured in December 2021.
As of December 31, 2022, we held two interest rate cap contracts with a total notional amount of approximately $852.5 million used to manage risk related to interest rate fluctuations.
2 unchanged sentences
Significant increases in future interest rates on our variable rate debt could lead to a material decrease in future earnings assuming all other factors remain constant.
−Removed: The rates used in our variable interest-bearing debt are based LIBOR, or other index rates, which in certain cases are subject to a floor.
−Removed: A hypothetical 50 basis points increase in interest rates as of December 31, 2021 related to variable rate debt agreements not hedged by derivatives would have a $4.4 million negative impact on income before income taxes.
−Removed: Conversely, a hypothetical 50 basis points decrease in interest rates as of December 31, 2021 related to variable rate debt agreements not hedged by derivatives would have a $0.9 million positive impact on income before income taxes.
+Added: The rates used in our variable interest-bearing debt are based on Term SOFR, or other index rates, which in certain cases are subject to a floor.
+Added: A hypothetical 50 basis points increase or decrease in interest rates as of December 31, 2022 related to variable rate debt agreements not hedged by derivatives would have a $3.4 million positive or negative impact on income before income taxes.
As of December 31, 2022, our outstanding interest rate cap contracts had a fair value asset position of $36.8 million.
2 unchanged sentences
Our analysis and methods used to assess and mitigate the risks discussed above should not be considered projections of future risks.
+Added: Item 8—Financial Statements and Supplementary Data
+Added: Our consolidated financial statements, the notes thereto and the Report of BDO USA, LLP, our Independent Registered Public Accounting Firm, are included in this Annual Report on Form 10-K on pages F-1 through F-33.
+Added: Item 9—Changes in and Disagreements With Accountants on Accounting and Financial Disclosure
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.